Xerox Reports Surprising Operating Profit
Xerox Corp.
Excluding restructuring charges and currency effects, the Stamford, Conn.-based company posted a profit of 15 cents per share. The consensus forecast of 10 analysts surveyed by Thomson Financial/First Call was a loss of 1 cent per share, with estimates ranging from a loss of 6 cents to a profit of 6 cents.
Xerox reported a net loss of $4 million, or 1 cent a share, compared with a loss of $20 million, or 4 cents a share, a year earlier.
Fourth-quarter revenue was $4.3 billion, down 13 percent from $4.9 billion a year earlier.
Xerox Chief Executive Anne Mulcahy said in a statement that recent decisions to exit certain businesses and cut costs "resulted in the strong performance delivered in the fourth quarter, including increased gross margins ... reduction of inventory to historically low levels, and improved receivables."
She added, "The outcome is a return to operational profitability, representative of the new Xerox that is emerging from our successful turnaround."
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